Are you still reliant on spreadsheets for your budgeting and planning? Are your teams starting to face problems that impact the efficiency of your operations? If both sound familiar to you, at some point, you may have wondered whether its time to scale your on-premise budgeting and planning software.
This article will help you decide whether moving to a cloud-based or SAAS budgeting and forecasting software like Performance Canvas Financials will help you achieve better value for your business.
Here are a few potential problem areas where SAAS financial planning software can help.
Lack of Security
Every organization needs to have adequate security protocols in place for their financial planning and budgeting software when it comes to critical company data.
Unauthorized access to confidential organizational budgets and data can lead to massive breaches of trust. It can also lead to costly infractions and can be used against you by malicious hackers and competitors. Internally, unauthorized changes to formulas and keystrokes can impact how your numbers and figures fare out in your reports, which can take a long time to trace and address. Even innocent mistakes can cause significant problems with your financial budgets and plans, which can, unfortunately, lead to bad decisions, inadequate audits, and missed forecasts, getting your company in further trouble with tax authorities and other regulators.
SAAS Budgeting and Forecasting solutions can be a step up to your current on-premise software by providing your better access control. You can limit access to critical reports and use password protection or role-based security access, ensuring only authorized people can update and alter reports. It further promotes transparency and responsibility with a visible audit trail for your numbers and figures, which avoids potential errors and financial statements mistakes.
Low Data Quality and Lack of Integrity
File integrity plays a crucial role in data security and effective reporting. It helps limit access to important files and is a necessity in infrastructure control. Finance teams that still work with manual Excel spreadsheets may find that low data quality and lack of data integrity are common in their financial reporting. SAAS Budgeting and forecasting software like PCF addresses this by providing users with greater access control and allowing a full data trail for anyone who accesses these files and reports. Working on the cloud also ensures that users do not have to worry about loss reports from power failures. It promotes greater file integrity by allowing users to work seamlessly offline or on the cloud, promoting uniformity in data.
CFOs and other top decision-makers need data uniformity and data integrity to base their decisions for the entire company confidently. This can pose a problem for larger companies, where data needs to be shared across departments, and teams have to share access to files and reports. If you find your company struggling with the same problem, cloud-based or SAAS budgeting software can help ensure you work on the same file, data, and version across teams, that is safe and accessible on the cloud.
Limited Reporting and Analysis Capabilities
Every business stakeholder relies on reports to understand where the company stands and a better future plan. A common problem with spreadsheets and other legacy financial software is that you’re often limited with your reporting and analysis capabilities. You don’t get the range of reporting and analysis capabilities that most SaaS Budgeting and planning software have today.
Amidst the changing needs of a growing business, having access to credible and automated reporting templates helps any finance team focus on what the numbers at hand mean to strategize with a more significant impact.
Cloud PCF: Your Reliable SAAS Budgeting and Forecasting Software
Suppose you want to rid yourself of the many hindrances posed by the problems raised above. It may be the right time to think about adopting a SAAS Forecasting software that can ensure data quality and integrity in your reports, the security to protect your numbers and the added features and capabilities that can empower your finance team to do more than what is expected from them.
Cloud PCF is the ideal SAAS FP&A software in 2020 that offers self-service and integrated budgeting, planning, forecasting, reporting, and consolidation on an easy-to-deploy platform. Cloud PCF´s robust integration capabilities and user-friendly dashboards make adoption a breeze if you’re worried about how fast integration and deployment. Your teams can automate data imports and extracts to on-premise or cloud ERP applications, ensuring your team has a scalable and world-class SAAS and solution that can get you the most benefits, explicitly tailored to your growth needs.